Blackthorn Resources Limited
(ASX:BTR) has launched a $40.1 million capital raising to fund the development of its 100 per cent owned Mumbwa project.
$1.10 per share is being offered to both institutional and retail investors which represents a 10.9 per cent discount to its last closing price.
Glencore International will participate in the institutional entitlement offer to maintain its 14.2 per cent current shareholding.
Blackthorn’s chief says, Mumbwa is a world class iron-oxide, copper and gold deposit.
In first half of its 2012 financial year Blackthorn Resources booked a net loss of $1.6 million.
